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Major mistakes people make in financial planning.

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Major mistakes people make in financial planning.

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1. Most of the people are not able to calculate the revenue needs because of lack of vision.
2. Investing all the savings in a business and not having savings for retirement.
3. Lack of business plan.

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3 Financial Planning Mistakes Every Entrepreneur should Avoid

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Tips to keep in mind while starting financial planning.

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Tips to keep in mind while starting financial planning.

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1. First of all, we all must evaluate our cash flow.
2. In the second place review our all kinds of insurance like auto, home and health insurance.
3. Keep in mind future events like marriage and retirement.
4. Talk to financial adviser to know better about taxes and other things.

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5 Financial Planning Tips to End the Year

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Why Financial Planning is important and how we can do financial planning.

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Why Financial Planning is important and how we can do financial planning.

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Why Financial Planning is important and how we can do financial planning.                        From this video we will learn that financial planning helps us to know about our present financial condition. Once  we know our present financial situation we can easily make plans for our future.       To do the financial planning first of all we need to evaluate our present situation. After this set goals for our future and take appropriate action in the direction of our goal. Do not forget to monitor our progress though out the various phases of life.

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This picture shows about the benefits of financial planning.

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This picture shows about the benefits of financial planning.

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Financial planning is helpful in different ways like saving, investments, planning taxes, family security and many more.

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In this picture we will find out about the financial planning process.

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In this picture we will find out about the financial planning process.

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It includes getting all the important information and to know about the economic condition. Make plans.

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This pictures shows about the fundamental rules of Financial planning.

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This pictures shows about the fundamental rules of Financial planning.

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Step 1 To know your current situation
Step 2 Make your plans
Step 3 How much money you have?
Step 4 Risk factors.
Step 5 Where you want to invest?

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Now as we all know financial planning require lots of know because little knowledge is really dangerous. So here are some famous books about the financial planning which are really helpful to enhance our knowledge about this.
1 Unshakable by Tony Robbins
2 The automatic millionaire by David Bach
3 Rule#1 by Phil Town

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Top 3 Books for Financial Success | Brian Tracy

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This website helps us to know about the basic of Financial planning.

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This website helps us to know about the basic of Financial planning.

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Financial processing is the process of making plan according to the money required for anything big we want to do.
Financial planning is helpful us to know about the cash flow. Money required for starting a new business. It is also helpful in enhancing our savings by reducing the other expenses.

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Finance Functions - Investment Decision, Financial Decision, Dividend Decision and Liquidity Decision

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There are maily 4 Finance Functions - Investment Decision, Financial Decision, Dividend Decision and Liquidity Decision. The article will help in understanding each Finance Function in detail.

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Managing the cash flow - As we all know cash flow is really important so managing cash flow use of this.
Financial Understanding.
Saving money for future.
Standard of livings.
Family security

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Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals.

Here are ten powerful reasons why financial planning - with the help of an expert financial advisor - will get you where you want to be.

Income: It's possible to manage income more effectively through planning. Managing income helps you understand how much money you'll need for tax payments, other monthly expenditures and savings.

Cash Flow: Increase cash flows by carefully monitoring your spending patterns and expenses. Tax planning, prudent spending and careful budgeting will help you keep more of your hard earned cash.

Capital: An increase in cash flow, can lead to an increase in capital. Allowing you to consider investments to improve your overall financial well-being.

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Family Security: Providing for your family's financial security is an important part of the financial planning process. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.

Investment: A proper financial plan considers your personal circumstances, objectives and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals.

Standard of Living: The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable to work.

Financial Understanding: Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed. Giving you a whole new approach to your budget and improving control over your financial lifestyle.

Assets: A nice 'cushion' in the form of assets is desirable. But many assets come with liabilities attached. So, it becomes important to determine the real value of an asset. The knowledge of settling or canceling the liabilities, comes with the understanding of your finances. The overall process helps build assets that don't become a burden in the future.

Savings: It used to be called saving for a rainy day. But sudden financial changes can still throw you off track. It is good to have some investments with high liquidity. These investments can be utilized in times of emergency or for educational purposes.

Ongoing Advice: Establishing a relationship with a financial advisor you can trust is critical to achieving your goals. Your financial advisor will meet with you to assess your current financial circumstances and develop a comprehensive plan customized for you.

The first step in developing your financial plan is to meet with an advisor. At BlueShore Financial, we use our unique discovery and assessment process called life spring ®. This complimentary process begins with a review of your current financial circumstances, anticipated changes, future goals, and results in your customized plan. Call us today to book your assessment.

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Ten reasons why financial planning is important

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Regular A Medium A Large A Menu You are here: Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. Here are ten powerful reasons why financial planning - with the help of an expert financial advisor - will get you where you want to be.

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Unawareness about the financial planning.

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Unawareness about the financial planning.

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As we all know most of the people do not have any idea about the financial planning. This site shows why there is unawareness about the financial planning.
The reason behind this is low literacy rate. The more people understand about the financial planning the more GDP will increase.

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Noel Maye, CEO, Financial Planning Standards Board, USA, talks to Tanvi Varma about the intricacies of financial planning in India and current standards of the advisory industry.

What are your views on the current state of awareness on financial planning in India? Do you see a rise in awareness levels with a rise in the wealth quotient?
Awareness of financial planning in India is low, but this is pretty consistent with the state of awareness in a lot of other countries where we have our programs. Consumers do not understand what financial planning is and, due to which, they don't value it.

The key element to a financial planning certification is financial literacy, which makes it important to improve overall literacy levels. As wealth increases it tends to change the mindset. When consumers are in a state of subsistence, wherein they live on a day-to-day basis, it is hard to plan your finances. As wealth increases you have something you need to protect or multiply.

While awareness levels are currently low, we are seeing an improvement globally, including in India. Consumers are living longer and in retirement than as part of the work force. Regulators and governments are pulling away from guaranteed pensions and employers are pulling away from offering lifetime employment. Consumers now need to take on the responsibility (of creating wealth).

Do you think that the need for financial planning in India is different compared with other countries, especially the developed world?
Culturally, in India, the structure of a family is usually strong and extended. This means it is not uncommon for Indians to be involved in taking care of their parents, grandparents, their children's education or marriage and so on.

To accomplish this, one needs to have an extended financial plan. This adds a measure of complexity and needs to be factored in by a financial planner, unlike in western culture or anywhere else where the planner only deals with a particular client's individual issues.

Typically, problems and approaches are common everywhere and markets tend to evolve. Markets that were focused on transaction or product selling, where individuals went to different people for different needs, are now seeing a shift to wanting a one-stop solution provider, someone who can plan your whole life and give you a solution in its entirety. Increased responsibility and complexity leads to this change.

Things are better when you have professional help. In 2008, people lost a lot of their wealth and realised they did not want to undertake this journey (of planning their finances) on their own. During this period, certified financial planners (CFPs) gave feedback that their clients stayed the course that had planned for them.

Education and trust helps in developing this. Investors understand that volatility will come and that risk exists but they still want to stay invested, now more than ever. India was known to be a saving country.

Earlier investors wanted tangibility, to be able to invest into things they could see and so they invested in gold, real estate etc. Now, there has been a shift in mindset to investing in stocks, bonds, mutual funds and so on.

Do you feel there is a need to strengthen long-term financial security of in India?
Yes, it is very important to create retirement funds. Because India does not have social security in place yet, you are in a better position to understand financial planning (for retirement).

Europe has a very solid social security system in place and yet, with governments going into debt, what has been telegraphed to consumers is that they may not be able to fulfil all obligations. The US has also indicated that while social security is there and the government will pay a small part of retirement income, they might need something more for financial security.

Even with such systems in place, these have not been designed to cover all your needs or designed to protect you from impoverishment. People want to maintain a lifestyle during retirement - commensurate or better than what they have had during their working life. Whatever the social security structure, it is never enough; you must take care of yourself.

If we look at the Australian model they have superannuation, while in America it is called the 401K. Individuals, while they are earning steadily, contribute to their retirement with pre-tax dollars and there is a matching investment made by their employers. The notion of letting people save pre tax for retirement is what motivates them.

In the US and Australia, it is money that was never part of their salary that is being put into the retirement fund and so they won't miss it (while they are working). Given the opportunity to save pre tax and with access to financial advice, one can improve one's financial well being.

Since the primary role of the board is to raise standards of financial planning, how important do you think is the need for the board to work in tandem with financial regulators in India?
There already is a relationship between FPSB and regulators. The whole of United Kingdom has one regulator, the Financial Services Authority, while India has five or six dominant regulators and the United States has about 200, which includes state securities regulators, state insurance regulators and federal regulators.

The regulator's function is straightforward, to set a barrier that people must pass to get into the financial advisory space, but it is set sufficiently low so that you don't deny people livelihood.

FPSB sets professional standards for those who wish to practice at a higher level with more experience and qualification. Regulators are here to see that people follow the norms. We have seen a shift in approach by regulators globally. In the past it used to be a rule-based approach and then there was a shift to a principles-based approach, where they will give you general guidance but trust you to get it right.

However, post the global financial crisis, the pendulum has swung. Regulators are back with consumer protection-whether consumers are protected, how they are protected, are advisors competent and assessed, is the remuneration adequately disclosed etc. So while we create standards for profession, regulators create barriers to entry and other norms.

Are certification standards different in different parts of the world?
All our CFP certifications have the same standards and frameworks. FPSB India, for instance, takes global frameworks and localises it so that it covers Indian products, laws and regulations and delivers financial planning within that context. So, we have global standards but local programmes.

Why do you think there is a greater need for financial planning for women, who are increasingly entering the workforce?
Yes, (reports show that) women live longer than men and so statistically she will need retirement income for a longer time. This makes financial planning for retirement more important for women. Also, women usually have to leave the workforce to have children, which means they are bound to miss promotion opportunities. Hence, at the same age, they're earning comparatively lower than men. This means they are at a different position and have different pension benefits on retirement.

Do you feel that entry norms to act as independent financial advisors or brokers should be strengthened to reduce mis-selling?
We have an exam for entry, which tests competency and also a registration process. Several of our affiliates have been approached by governments to manage the examination process and registration for the broad advisory community.

We need to know who is in the field, whether they are qualified and if there is someone who can hold them accountable. We are one of the few organisations the CFP certification can be taken away.

There is a lot of contention on the appropriate pricing structure for providing financial planning services. What is your opinion?
People have always paid for financial advice and products, they just didn't know it. Commissions and charges were built in. People will not pay for something they don't value and they will always pay for value. If consumers believe that the financial planner's advice will be useful in securing their finances, why wouldn't they pay for it?

It is like going to a doctor for professional advice, you go to him because he is qualified to practice medicine and can give you a diagnosis that addresses your ailment. You are willing to pay for this advice as you see value in it.

Once investors start seeing financial planning as a professional engagement and an advisor as someone offering a service of value, they will pay. Of course, pricing will differ based on the advisor's experience, qualification, the levels of service and so on.

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Interview: How financial planning is gaining importance in today's world

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Noel Maye, CEO, Financial Planning Standards Board, USA, talks to Tanvi Varma about the intricacies of financial planning in India and current standards of the advisory industry. What are your views on the current state of awareness on financial planning in India? Do you see a rise in awareness levels with a rise in the wealth quotient?

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Importance of Financial planning students.

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Importance of Financial planning students.

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As the students do not have so much money so it is really important for students to have financial plans so that they can save for their future.
A student can do various ways like avoid their expenses like extra shopping or party.
They can invest their money in other various fields like gym or library membership.

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College is an exciting and challenging undertaking for most students. Moving away from mom and dad, living on your own (or with a roommate), making decisions for yourself and having to manage your own finances are just a few of the roadblocks you will be facing. Having a plan in place beforehand and sticking to that plan as closely as possible can help to ensure that you survive the transition with the least stress possible. Here's how to make build a strong financial foundation during your college years.

Start With Your Expenses and Budgeting

One of the first and most important steps for successfully managing money as a college student is to truly understand your expenses. It's likely that you've never had to budget your own money before if you've lived with your parents your whole life. It can come as quite a shock the first time you're faced with the harsh reality that there are limits on what you can spend. But, you can soften the blow by learning the basics of budgeting.

A budget is simply a plan for how you'll spend your money each month. To make your first budget in college, start by making a list of your fixed expenses, such as rent, tuition, books, car payments, utilities and food. Next, make a list of your discretionary expenses such as clothing and entertainment. Add both your and discretionary spending together, then subtract that from your income to make a basic budget. Your income includes the money you earn from working, student loan refund checks, side hustle earnings and any money your parents may provide regularly.

If you have no clue what you're spending in these areas, you may want to sync your bank account to a budgeting app to track your purchases. That way, you can easily see where your dollars are going. Until you know what your monthly expenditures are and what you're spending the most money on, you'll have a harder time making a realistic budget to work with.

A budget helps you see what you're spending so you can avoid going into debt to maintain your lifestyle. As a college student, expensive electronics, going out with your friends and eating out multiple times a week are likely going to become a thing of the past. Make sure that you're meeting your financial obligations before you start to spend on frivolous items that aren't necessary for your survival. Remember, college is probably going to be a time of your life when you make very little money, so you had better be prepared to make some sacrifices.

3. Try to avoid accumulating debt whenever possible.

Debt can quickly become overwhelming and will likely follow you for years beyond college. Keep a single credit card on hand for emergencies, but try to avoid using it for anything that isn't absolutely necessary. If you're going to use credit for purchases, only charge what you can afford to pay off in full each month. This can help you avoid interest charges and it can also help you to grow your credit score.

Improving your credit score is important because once you graduate, you may want to rent an apartment, get a loan to buy a car or eventually buy a home. Your credit score matters for those types of financial moves and the stronger your score, the easier it may be to get approved and get the best interest rates on loans.

Preparing for the Future

While you're thinking about your spending, it's also important to give some attention to saving. It's never too soon to begin saving an emergency fund, putting aside money for a down payment on a home or even thinking about retirement. An emergency fund can rescue you when you have an unexpected expense and the sooner you begin setting money aside for retirement, the longer it has to grow.

Even if it's a small amount, say $25, putting a little bit away with each paycheck will begin to accumulate over time and provide you with a much needed cushion if you're put in a position where you need it. The earlier in your life you begin to save, the better off you'll be when it comes to having money saved for small financial emergencies and the big expenses in life, including retirement.

Don't fall into the trap of thinking you can just wait until you graduate and get your dream job before taking your finances seriously. Life doesn't always work out as planned and time is your greatest asset when it comes to saving money. Even if it doesn't seem like the few bucks a week you're saving in college is a lot, you'll thank yourself after graduation. And once you're beginning your first job, you can continue adding to your savings by adjusting your budget to account for a (hopefully) higher income and taking advantage of employer benefits, like a 401(k) plan.

Managing real life expenses and trying to save for your long-term financial goals are difficult tasks for most people, not just college students. Establishing yourself as a responsible adult at a young age will help to lay the foundation for a secure financial future.

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College is an exciting and challenging undertaking for most students. Moving away from mom and dad, living on your own (or with a roommate), making decisions for yourself and having to manage your own finances are just a few of the roadblocks you will be facing.